a quick back of envelope comparison

STB:

Some early stage gold & nickel exploration.
Jorc compliant Potash of 101Mt (547mT @18.6%)
Exploration target of 750Mt-1.25Bt @ 18-20% = say 237Mt at top end.

Mkt cap $376m (includes $12m cash + $5m investments) so say $360m for the potash (or $1.52/t for top end exp target?).

But this is in Eritrea..

ELM:

Jorc compliant Potash of 157Mt (804Mt @ 19.53%).
Mkt cap $336m (or $2.1/t - not much considering the mkt price of potash!).

But this is in Congo..

TRH:

Some iron interests ;-)

No Jorc but should be in under a year or so (1st half 2012?), and one would hope some hints from drilling results in the meantime.
Exploration target of 2.3Bt @20.8% (x 90% stake) = 425Mt.
Mkt cap $41m less some cash & RAD stake, say $30m EV for the 'potential' potash (or $0.07/t).

And this is in the US, close to infrastructure, market etc.

The above a little rough & ready, & would welcome any corrections/more accurate figures/other factors etc.

Still some way to go, but if we have JORC & in similar state to ELM/STB in a year's time, and valuation per T is roughly equivalent, aren't we looking at possible mkt cap of say $1.5/T x 425Mt = ~$640m, or ~$14/share. Less a few options floating around etc, but possibly with a higher per T figure due to US?
This seems like a pretty good risk/reward scenario - might get some more.. ;-).